Manage episode 374260246 series 2991632
US markets finished a choppy session higher on Monday. The Dow edged higher, up 26 points (+0.07%). Dow at best up 54 points. Dow at worst down 111 points. Big tech drove the S&P 500 and NASDAQ higher, +0.58% and +1.05%, respectively, boosted by a 7.1% jump in Nvidia after Morgan Stanley named Nvidia the bank’s “top pick” ahead of the chipmaker’s quarterly reports. This move sent other mega-cap tech stocks higher, Amazon +1.6%, Alphabet +1.3%, and Meta +1.5%. Meanwhile, Tesla lost 1.2% after announcing a cut in prices for the Model Y. The Dollar Index rose 0.34% to 103.16 after hitting its highest level since July. The safe haven appetite drove up US Treasury yields, the 10Y yield hit 4.215%, the highest since November, before falling back to 4.201%.
- ASX to open flat. SPI Futures flat.
European stocks closed mostly higher overnight, rebounding from a near one-week low as gains in retail and healthcare outpaced the losses in miners and energy. STOXX 50 +0.2%, FTSE -0.2%, CAC +0.1%, and DAX +0.5%. European miners and energy stocks led losses tracking lower crude oil and base metal prices on deteriorating demand outlook in China. Asian equities were almost lower everywhere Monday, led lower by the Hang Seng -1.58% in particular its property stocks. Greater China markets were lower, Shanghai -0.34%, Shenzhen -0.50%, ChiNext -1.02% weighed down by consumer discretionary and staples.
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